Accounting and Debt Markets: Four Pieces on the Role of Accounting
Information in Debt Markets provides novel and up-to-date evidence
on the role of accounting information in debt markets Companies and
organisations worldwide rely heavily on debt markets for short,
medium and long-term financing, and debt markets and financial
intermediaries have significant effects on the real economy.
Accounting information has various functions in debt markets,
including inter alia, informing pricing decisions and credit
ratings, determining the allocation of creditor control rights and
establishing bank capital adequacy requirements. The chapters in
this book provide illustrative discussion, analysis and evidence on
the importance of accounting information in credit markets. The
first of the four pieces reflects on how a conservative financial
reporting system helps firms obtain debt funds and with better
conditions, and why this is the case. The second examines the
effects of accounting disclosure on credit ratings of private
companies and shows that accounting information is useful for
credit rating agencies. The two final pieces reflect on how banks
should account for credit losses, and on how regulators are
tackling this issue. The chapters in this book were originally
published as a special issue of Accounting and Business Research.
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